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Conference Takeaways

Conference Takeaways

In October, I attended two different accounting conferences back-to-back – the first industry events we’ve been able to attend in the last 18 months! Meeting, networking and learning from so many great industry partners and experts was quite invigorating. Importantly, I also left the conferences excited about the continuous evolution of our industry and the opportunities it creates for System Six to continue to grow. Here are the main takeaways from Thriveal’s Deeper Weekend and Scaling New Heights

Relationships Matter 

The currency of our industry is shifting. While transactional services still underpin everything we do, clients more and more expect and need value-add advisory services. Clean books will always be the foundation of quality accounting, but the rise of cloud technology has led to endless integration possibilities, making transaction management less cumbersome than in years prior. So what does this mean for bookkeepers? We’ve got to continue to build and lean into our relationships as agnostic, trustworthy advisors. We’ve got to continue to educate ourselves on all the problems our clients are facing – not just their accounting challenges – so we can provide advisory services beyond just finance. So for System Six, in the coming months and years, we’ll be working on finding new ways to deliver value to our clients, whether through deeper financial advisory capabilities, additional support for HR management, or even technology advisory. Ultimately, we hope to continue to deepen our relationships with customers so that we may best serve them and enable their success. Building this deeper foundation of meaningful relationships rather than transactional services is the future of our industry. 

Ever-Expanding Toolbox 

Innovation is the heartbeat of the tech world. In every industry, new services, programs, apps, and vendors emerge every quarter. At these conferences, I had the opportunity to hear firsthand about the latest initiatives, features, and products heading to market. Some will provide healthy competition for some of our favorite vendors like Bill.com and Gusto, who themselves continue to improve. At the same time, others are finding success in filling niche spaces in security or uncategorized transaction automation. We will keep tabs on several vendors as they develop and expand so that we can provide the best service to our clients. 

Quickbooks is Reinvesting 

While Quickbooks is still our go-to cloud-accounting software, they’ve gotten flack across the industry in the past few years. Whether from the launch of QB Live, a competitor to many bookkeepers, or because of less than satisfactory customer service, the ecosystem has been frustrated with them of late. Fortunately, they are focused on doing right. They are reinvesting in their accounting partner community by overhauling their customer service, reducing wait times, and providing robust training for firms. We look forward to continuing our partnership with Quickbooks and appreciate their efforts to better serve firms like System Six. 

Great Industry Ecosystem 

The business world often gets a bad wrap as having a cut-throat, competitive culture, but I was pleasantly surprised otherwise. Everyone I met was friendly, encouraging, and supportive. The atmosphere was full of camaraderie and different individuals championing one another. Rather than approaching the industry with a scarcity mindset, other firm owners recognize the endless number of potential customers and the wide variety of unique services in the market to differentiate firms. I left feeling immensely appreciative of “competitors” who treated System Six more like a partner, willing to share information, resources, and encouragement. Take heart; there are fabulous firm owners leading the charge into the next iteration of cloud accounting services.

Catch Up & Clean Up for Mergers & Acquisitions

Catch Up & Clean Up for Mergers & Acquisitions

If you’ve ever gone through the process of selling a house, you probably know about that in-between season that lies between living normally in your house and handing the keys over to the new owner. It’s a season of cleaning up and making necessary improvements so that when you eventually do put your house on the market, it’s being presented in its absolute best light. 

The same is true when you’ve made the enormous decision to sell your business! Even if you are confident in its value, a season of catching up and cleaning up your financial operations is essential to getting the most value out of the sale of your company. 

Of course, like haphazard cleaning and cheap improvements to your house before selling won’t add value to its sale, making last minute improvements in your business’ financial operations won’t pay out – in fact, the opposite may be true. Savvy buyers are on guard for unorganized, sloppy bookkeeping. If your books don’t add up, or there are expenses that can’t be categorized correctly, you’re going to lose value in the sale.

There’s also the matter of reputation to consider here. You’ve invested years into creating what your business is today. What do you want the sale of it to say about your company? What do you want it to say about you? 

You could be seen by potential buyers as an “old-school” unprofessional, or you could be seen as someone whose confidence in the value of their business shows clearly in the way you pay attention to even the most minute detail in your business’ bookkeeping

The choices you make in this in-between season before selling will not only impact the value you get out of the sale, but will also affect your legacy.

We’ve honed in on three specific areas that should be top priorities as you get your business’ books cleaned up and ready for a sale.

Every dollar needs to be accounted for in as much detail as possible.

When you’re preparing to sell your company, there is a ton of information you will need to have ready to show potential buyers. These include your financial records, a minimum of three years worth of profit/loss statements, net income statements, tax returns…the list goes on. 

It may seem obvious, perhaps, that all these numbers need to be properly balanced and accounted for. What may be less obvious is the value of breaking down these numbers in greater detail than you might assume necessary. 

You may be used to using one Quickbooks entry for your company’s “expenses,” but breaking those expenses down into specific, detailed categories (such as regular salaries vs. overtime pay, differentiating travel and entertainment expenses from regular expenses, highlighting parts and labor, etc,) will give potential buyers a lot more confidence in the true profits and expenses of the business. 

Identify and remove personal expenses you’ve been running through your business.

Sometimes business owners try to “add back” the value of the personal expenses that they’ve written off through the company, such as family health insurance or personal travel expenses. Problems arise, however, if you have insufficient data to prove to your buyer that these expenses were truly personal. 

We recommend identifying and removing these personal expenses from your books, ideally 18 months to a couple of years before putting your business up for sale. This protects your reputation as being transparent and honest, and lessens unnecessary confusion when it’s time to show your statements to potential buyers.

Identify and stop occasional expenses that aren’t recurring.

In that same vein, identifying random, occasional expenses will go a long way in helping clean up your bookkeeping. Perhaps you paid a large, one time payment for a marketing campaign, or sank some money into updating your company’s website. These aren’t recurring expenses for your company, but it can be hard to prove that to potential buyers as they’re looking over your books. We recommend starting to identify and stop spending money in these one-off categories at least two years in advance of selling your business. This will increase your profitability, which will help you sell for a higher value!

Is the reward worth the extra effort?

It’s a simple yes. With clean books, you’ll be a more trusted and therefore desirable target for buyers. 

But, don’t just spend time ahead of your sale simply cleaning up your books. The next buyer is likely going to come in and implement updated, efficient systems to the business’ financial operations when they take over. This saves them time and money and therefore increases the value of the business right from the start. They’ll make sure you’re using the latest accounting software, and leveraging good third party tools for efficient bill pay and payroll processing. 

Why leave this work for the next buyer? While you are cleaning up your books, also take the time to modernize your financial operations, thereby saving you time and money and increasing the value of your business.

The value you gain will be more than worth the extra effort – and you don’t have to do it alone.

At System Six, we are here to help. Day in and day out, we are helping businesses manage their financial operations and bookkeeping efficiently and accurately. And we love helping organizations get to that point – nothing gives us more joy than sitting back with a client after a few years of hard work and seeing decreased stress and increased profitability as a result of improved bookkeeping.   

Are you looking towards the future, and considering what you can be doing right now to get the most value out of your company when it comes time to sell? Consider letting us help you improve your bookkeeping and the overall efficiency of your financial operations.

Are You Truly Ready to Sell Your Business?

Are You Truly Ready to Sell Your Business?

The decision to sell your business is a massive one. It will not only require practical time and energy but an emotional and financial investment. You will need to pay lawyers and other advisors, and it will demand time from your chief operators and directors. As you collectively navigate this significant transition, anxiety will heighten, and questions will fly. Many owners start down the path towards a sale, only to get cold feet and determine that “the time just wasn’t right.” This can be detrimental to the stability of the business, the team, and future sales. So before you begin the process of preparing your business to sell, pause and ask yourself these questions to make sure you’re truly ready to say goodbye.

1. How much of your personal fulfillment do you derive from your business?

Perhaps you built this business from the ground up, tooth and nail. Or maybe you purchased it in a fledgling phase and nurtured it to success. Whatever the path, you put in years of focused, dedicated energy and care into building a structure, team, and business that you are proud of, and rightfully so! It has probably become more than just your job; it is part of who you are. So how much of your self-worth, identity, and happiness comes from it? How much joy do you get from walking into work on Monday morning, solving complex problems around your conference table, or coming up with a unique solution for your clients? Would you miss the travel, the pace, or the challenge? Who are you when you aren’t at the helm? It’s essential to recognize this business’s role in your personal life – not just the time it takes but the sense of worth it brings you. If it plays a massive role in your personal life, and really defines you, actually handing it off at the end of a sales process may be a lot harder than you anticipate. 

2. What will you do with your time?

Elite athletes call this “visualization.” They imagine step by step, moment by moment, the perfect swing of the bat or spin of the dive. Being able to picture something clearly in your mind helps bring it to fruition. It allows your brain to rehearse what it will think and feel when the behavior comes to pass. Can you imagine retirement? What will you do? Where will you go? What does your family imagine? How will you fill your weekdays? What will you do with the money? If these images are vague and incomplete, it might be a sign that – when push comes to shove – you won’t follow through with a sale because you don’t know what is coming next. We are creatures of habit, innately designed to prefer routine to change. Knowing exactly what you’ll do that first Monday morning when you don’t have to set the alarm is an important step to preparing your mind for a shif

3. What problem are you solving?

Sometimes a complete sale is not the solution. But to know this, you have to articulate your problem. Do you want more time with your family? Is the leadership responsibility bringing you too much stress? Is your industry growing rapidly, and you recognize you don’t have the skills (or desire) to scale? These problems can be solved in many ways through partial sales, staffing changes, or operational restructuring to alleviate your actual pain point while retaining your involvement in the things that still bring you life. Selling your business doesn’t have to be an all-or-nothing decision. But you need to know what type of sale/transaction you are looking for before you go down the path.


As modern accountants and bookkeepers, we are here to ensure your accounts are for whatever “next step” you envision for your business. But we aren’t only your outsourced finance team – we are also trusted advisors and partners in your success. If you know you’re nearing the time to sell your business, reach out to us. Of course, we can help you prepare your financial records to ensure you get the most value from what you have worked so hard to build, but we also can help you think through some of the non-financial considerations at play when selling your business. We’ve seen it before, done it before, and are here to help.

Call us now!